Looking at the changes in the global situation, government debt is rising, fiscal deficits are expanding, and the risk of fiat currency devaluation is increasing. More and more investors are seeking alternatives outside traditional assets. The crypto space is very active, and Bitcoin, the market's largest asset, is the direct beneficiary of this trend—its rise is driven by the demand for a store of value, which essentially reflects the ongoing issues of debt, deficits, and fiat currency risks that are difficult to resolve in the short term. This indicates that the shift in investment structures will continue until 2026.

However, the second force driving the next bull market next year may depend on regulation. The previous political deadlock in the US led to a government shutdown, but this also created an opportunity for bipartisan cooperation to advance the digital asset legislation in early 2026. Once the framework is clear, startups and established companies will be able to legally incorporate tokens into their capital structures, similar to issuing stocks and bonds. This shift will have a significant impact—tech giants and financial giants are expected to gradually build their own blockchain systems and integrate crypto wallets into their core products. Major industry players like JPMorgan, Bank of America, and Goldman Sachs are already in the testing phase, and large-scale deployment should not be too far off.